Canadian Financial Close: C$ holds firm

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The Canadian dollar was held relatively steady on Monday, rising slightly relative to its United States counterpart.

The Canadian dollar settled at US$0.7362 or US$1=C$1.3583 on Monday, which compares with Friday’s close of US$0.7357 or US$1=C$1.3593.

Expectations that the United States Federal Reserve will likely cut interest rates at least three times over the next year weighed on the U.S. dollar while also boosting crude oil amid expectations that the falling rates will boost demand. Mounting geopolitical concerns were also underpinning oil to start the week, with investors weighing the implications of recent Ukrainian attacks on Russian refineries and the ongoing conflict in Gaza.

West Texas Intermediate crude oil was up by 1.56 per cent at US$81.89 per barrel.

The TSX Composite Index was down by 41.80 points to close at 21,942.28 points.

Canada’s agricultural sector performed as follows:

Buhler Ind.———————-    $ 0.00    at $  2.14

Linamar Corp.——————–dn  $ 0.74    at $ 70.95

Maple Leaf Foods—————–dn  $ 0.38    at $ 22.89

Nutrien Ltd.———————up  $ 0.30    at $ 71.39

RB Global Inc.——————-dn  $ 1.92    at $102.78

Farmers Edge Inc.—————-    $ 0.00    at $  0.345

(All figures are in Canadian dollars.)